The Egypt Healthcare Market is projected to grow at a CAGR of around 10.79% during the forecast period, i.e., 2023-28. The massive presence of public and private healthcare facilities, including specialist hospitals, clinics, etc., significantly supported the revenue expansion of the Egypt Healthcare industry during the historical period. Egypt has significantly aided in developing a solid reputation as the region's center for medical tourism due to the country's satisfactory reputation in the Middle East and Africa region, its affordable pricing on trained medical personnel and infrastructure, as well as its simpler visa requirements, compared to other countries in the region.
Furthermore, the high cost of medical care in neighboring countries, as well as a lack of a competent workforce, has encouraged tourists from neighboring countries such as North, East, and West African nations, as well as GCC countries, to enroll in health treatments in Egypt. The rising insurance penetration among Egyptians, which stood at around 57% in 2018, has also significantly boosted the demand for healthcare services.
Additionally, there are several opportunities for foreign investors in the healthcare sector due to the growing population & improved health awareness. Egypt passed several regulatory reform measures, such as bankruptcy law, new company law, new customs law, etc., to provide a favorable work environment for foreign investors. More businesses are able to enter the country's healthcare industry because of these regulations, which have also strengthened the investment climate.
Therefore, the growing foreign investment & improvement of medical facilities in the country are anticipated to boost the Egypt Healthcare market during the forecast period, further states the research report, "Egypt Healthcare Market Analysis, 2023."
Non-government Hospitals to Hold Considerable Share in the Egypt Healthcare Market
Based on the type of hospitals, the market is bifurcated into Government & Non-government. Among them, the Non-government hospitals held a significant revenue share in the Egypt Healthcare market compared to the government healthcare institutions. It was due to the private sector's well-developed infrastructure, access to cutting-edge medical technology, and availability of qualified medical personnel to treat a wide range of hereditary and chronic disorders.
Patients who can afford private healthcare prefer to be treated in private hospitals as Egyptian government hospitals have inadequate service standards and are understaffed with skilled medical staff & equipment. Furthermore, the government's secondary hospitals, which are covered by Egypt's health insurance program, provide free or low-cost care to patients. As a result, the availability of skilled professionals and improved infrastructure in private hospitals is expected to drive market growth during the forecast period.
Rising Awareness Programs for Diabetes Patients to Boost the Demand for Diabetes Care in the Coming Years
Based on the Disease Type, the market is divided into Diabetes, Cancer, Cardiovascular, Neurological, Respiratory, Bone & Skeletal, Eyes Nose Throat (ENT), and Others. Of them, Patients with Diabetes make up a significant portion of the money generated by the Egyptian healthcare sector. It is attributed to a steady increase in diabetic patients caused by sedentary lifestyles, which may also be linked to rising obesity rates in the general population.
However, with the implementation of various initiatives, the Egyptian government has focused more on providing individuals with diabetes with access to high-quality care. The demand for diabetic treatment among residents has increased dramatically as a result of rising illness awareness, and it is expected that this trend will continue to drive market expansion in the coming years. Thus, the rising public awareness of communicable diseases would surge the demand for diabetes care from 2023 to 2028.
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Egypt Healthcare Market are Cleopatra Hospital Group, Saudi German Hospital, As-Salam International Hospital, Katameya Clinic Hospital (KCH), EL Nozha International Hospital (NIH), Wadi ElNeel Hospital, Arab Contractors Medical Center, Ganzouri Specialized Hospital, and Others.
Key Questions Answered in the Study.